Many entrepreneurs don't have the space or desire to start a business out of their home, yet find renting space and setting up essential support functions is overwhelming financially and energy draining just at a time when their financial resources and energy are most needed for development of the business itself. A business incubator can be the perfect solution for such a person.
Business incubators are designed specifically to help start-up firms. They usually provide:
- flexible space and leases, many times at very low rates
- fee-based business support services, such as telephone answering, bookkeeping, secretarial, fax and copy machine access, libraries and meeting rooms
- group rates for health, life and other insurance plans
- business and technical assistance either on site or through a community referral system
- assistance in obtaining funding
- networking with other entrepreneurs
Besides, the objective of business incubators is to also accelerate the successful development of entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. Incubators vary in the way they deliver their services, in their organizational structure, and in the types of clients they serve. The primary goal of a business incubator is to produce successful businesses that are able to operate independently and financially viable.
In Malaysia, there's a few established Business Incubators provided for SMEs. In addition, the government also offers other type of infrastructures through the existence of Halal Parks and Technology Parks